THE CONSEQUENCES OF RIGID WAGES IN SEARCH MODELS
成果类型：
Article
署名作者：
Shimer, Robert
署名单位：
University of Chicago; National Bureau of Economic Research
刊物名称：
JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
ISSN/ISSBN：
1542-4766
DOI：
10.1162/154247604323068159
发表日期：
2004
页码：
469-479
关键词：
摘要：
The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies. Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model. Despite this, the welfare consequences of such rigid wages is negligible. (JEL: E24, E32, J30, J41, J63, J64)
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